What are your plans for health insurance if you retire to a country other than your home country or if you travel internationally from time to time?
As an American, the premium from several international health insurance companies was reasonable for me if I remained overseas for 12 months. However, the policy cost rose dramatically when I told the insurance providers I would spend some time in the US. While I am not old enough for Medicare, I do know that it doesn’t provide coverage outside of the US. But I plan to live part-time overseas and part-time in the States. So I needed a solution that would cover me both abroad and in the US.
I researched on Facebook and on “international living” and “retirement” Reddit groups to learn what Americans do if they spend some time in the US, with most of their time living overseas in one country outside the US. I also looked at travelers who spend time in more than one country, living a more nomadic lifestyle.
I found some Americans spending 12 months overseas in one country who purchase international health insurance specific to that country. When they travel to the US, they purchase “travel health insurance” for their time there.
Some purchase a US-based insurance policy and a separate policy for their overseas home. Their thinking is that if they suffer a terrible injury or life-threatening illness, they want to return to the US for treatment. Their local coverage is for routine doctor visits and minor injuries.
Some lower their US premiums by having high deductibles and copayments. Some also have a deductible with their international health insurance to lower their premium by paying out of pocket for doctor visits and limited treatments as they can be inexpensive in some countries.
I learned that some nomadic travelers pay for international health insurance that covers them as they move from country to country. Some of the providers limit how many months they will provide coverage and they have you pay your premium before you start your travel.
So far I have tried three different international health insurance companies contacting two of them directly while working through a broker for another. There are several broker sites to choose from with Insuremytrip being the one I used to secure my most recent policy. They have a helpful guide and they offer several insurance companies to choose from. Another broker is Clements Worldwide which offers a helpful information page on how to build a policy. They seem to offer only one insurance provider, though.
I am just scratching the surface of this vital aspect of expatriate life. I suggest you do your own research, talk to fellow travelers, and devise plans that work for you. There are a great many YouTubers sharing insights about overseas retirement, including options for health insurance.
Disclaimer: I am not an insurance broker or an informed source for making health insurance decisions. I offer this information simply as a way to get you started with your research efforts.
